The Council’s President and CEO Ted Osius takes the floor

Addressing the signing ceremony, USABC President and CEO Ted Osius made a brief introduction of USABC. USABC is a non-profit organisation based in Washington, D.C., representing 175 corporations operating worldwide, of which the majority are listed among the Fortune US 500 (America’s largest corporations). USABC member companies operate in a wide range of fields and are considered the most influential in the US. The Council has been the premier advocacy organisation for US corporations operating in Southeast Asia, contributing to promoting economic cooperation between the US and regional countries. 

Ted Osius said the US business community spoke highly of the efforts and achievements made by the Vietnamese government, people and businesses in the fight against the COVID-19 pandemic to protect people's health whilst quickly restoring production and business activities to catch up with the global post-pandemic recovery.

Annually, the Council organises a high-ranking delegation of businesses to Vietnam and other Southeast Asian nations. Besides meetings with the country’s leaders to report on business achievements as well as policy recommendations to help Vietnam further accelerate its economic development, the delegation also works with relevant ministries, departments and sectors to discuss specific solutions to help improve the investment and business environment. During their latest working visits, the Prime Minister, National Assembly Chairman and leaders of ministries and sectors said they looked forward to further strengthening the relationship, especially in the fields of investment and trade. That was also the expectation of the Council’s member corporations that pledged to reinforce investment cooperation with Vietnam.

Minister of Planning and Investment Nguyen Chi Dung delivers a speech at the signing ceremony

Addressing the event, Minister of Planning and Investment Nguyen Chi Dung applauded USABC’s contribution to Vietnam’s development and on behalf of the Vietnamese Government and people, the minister thanked the US Government, people, and business community for their assistance in the former’s fight against COVID-19. Despite existing difficulties, the US supported Vietnam with 29 million doses of COVID-19 vaccines and medical equipment, which helped Vietnam make certain achievements in controlling the pandemic, ensuring social security for the people and maintaining economic growth. As such, Vietnam is still considered an attractive destination for foreign investors.  

Minister Dung said he hoped that US businesses would accelerate investment in Vietnam, which contributes not only to socio-economic development but also to the social security of Vietnam. He reiterated that the Vietnamese Government would make further efforts to improve the business and investment environment; promote digital economy, digital society and response to climate change; pay due attention to connecting multi-national corporations; and create the most favourable conditions for American businesses to operate effectively in Vietnam.

Joining the event via live video chat, the US ambassador to Vietnam Marc. E. Knapper said the bilateral ties between the US and Vietnam would be tightened and advanced to a new height through the current cooperation as well as coming cooperation projects. The ambassador expected that in the near future, agencies and businesses from both sides should continue working together in leading areas such as the digital economy, cashless payment, and social security, among others.

VSS Director General Nguyen The Manh and USABC President and CEO Ted Osius sign the MoU on the implementation of health insurance policies

In that spirit, VSS Director General Nguyen The Manh and USABC President and CEO Ted Osius signed the MoU on the implementation of health insurance policies.

The MoU will be valid for a period of five years from the date of its signing. The MoU is expected to help VSS enhance capability in implementing tasks assigned by the Government, which contributes to completing and developing the universal health insurance system sustainably and a multi-layered, modern, and internationally integrated social insurance system in line with the 12th Party Central Committee’s Resolution No 7.

Under the agreement, the two sides will bolster cooperation in health insurance, particularly in the development of sustainable universal health insurance coverage; developing methods to assess the quality, costs and prices of medical equipment and services and medicines covered by health insurance; and health insurance payment verification.

At the same time, both sides also look for potential fields for cooperation such as digital application, social welfare consultation, and fund investments, among others. Besides, they shared practical experience in medical service payment models for the treatment of costly cancer and other chronic non-communicable diseases; and solutions to help Vietnamese patients access advanced treatment methods, etc.

Of note, USABC will assist VSS in assessing the universal health insurance system, including the formation of financial indicators and models; study and share experience to help improve and maintain the stability and sustainability of the Health Insurance Fund; appraise processes and modes related to the payment of health insurance for drugs, medical equipment and materials; set up programmes for technical assistance and improve the capacity of VSS staff; share experience on good practices on uniform management of pharmaceutical and health-related products, etc.

VSS Director General Nguyen The Manh and USABC President and CEO Ted Osius talk about potential areas for cooperation at the signing ceremony

VSS Director General Nguyen The Manh said VSS and USABC have cooperated since 2019, focusing on areas such as sharing experience in the implementation of health insurance in the US; consulting experts on the purchase and safe and reasonable usage of medicines in health insurance-based medical examination and treatment. However, initial cooperation activities remain modest and have yet to take full advantage of cooperation potential and opportunities to facilitate VSS in carrying out health insurance policies.

Thus, within the framework of the USABC delegation’s visit to Vietnam in 2022, the two sides signed the MoU to specify cooperation activities in health insurance./.